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3 Phase 1: Evaluation and Programming (2006-2007) Evaluations will be realised by the EIF in collaboration with stakeholders in the regions Evaluations are available freely to: Regions-programme authorities Regions-programme authorities Interested holding funds and Interested holding funds and financial intermediaries financial intermediaries Associations of SMEs and Associations of SMEs and Chambers of commerce Chambers of commerce market gap analysis of potential demand and supply of financial products for SMEs in the regions Diagnosis / definition of priorities and operations in the regions Identification and recommendation of appropriate market driven instruments Operational programmes use results of evaluations

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7 Type of support to SME Evaluation of proposals by SMEs and provide them with: Equity and Venture capital Mezzanine financing Guarantees Loans Advice and assistance for JEREMIE products for SMEs and micro credit beneficiaries (ensured by OP, Holding Fund and Financial Intermediaries) Micro Credit OperationsMaximum publicity Financial intermediaries Banks are reluctant to consider such "social economy" operationsBanks are reluctant to consider such "social economy" operations Specialized Micro Credit Providers can fill the gapSpecialized Micro Credit Providers can fill the gap Credit up to 25.000 EURCredit up to 25.000 EUR First time entrepreneursFirst time entrepreneurs Young or old entrepreneursYoung or old entrepreneurs WomenWomen Minorities, unemployed, etcMinorities, unemployed, etc

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8 Types of Financial instruments Venture capital and equity: equity investments in venture capital funds and business incubators that support SMEs Provision of equity to financial institutions (microfinance providers) to enhance their lending capacity Technology transfer: equity investments in venture capital funds and business incubators that support SMEs SME guarantees: guarantees (or counter) to financial institutions that give loans (or guarantees) to SMEs. Applies to microfinance. Technical assistance: Provision of expertise to regional, national organisations in the fields of VC, portfolio guarantees and, micro-finance (audit, structure, making them eligible for lending)

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10 Jessica objectives Jessica is an optional facility offering MS and MA the possibility to allocate funds from OPs to Urban Development Funds or Holding Funds Urban Development Funds or Holding Funds will invest in PPPs or projects included in an integrated plan for sustainable urban development Some limited provisions need to appear within the general and the draft regulations before the implementation of the of Jessica program

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11 Jessica works through funds or holding funds Operational Programme EIB and CEB, other IFIs Urban Development Fund or Holding Fund receive contributions from OP, Urban Authority, IFIs, Banks, Investors Investments in PPPs or projects for sustainable urban development, including social housing Holding Funds invest in several Urban Development Funds Joint European Support for sustainable Investment in City Areas (JESSICA)